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April 25, 2025
6:40 PM
Your Section 179 deduction cannot exceed your net business income. When you have more Section 179 than income, the disallowed deduction is carried over to the next year. Only a business loss created ...
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Your Section 179 deduction cannot exceed your net business income. When you have more Section 179 than income, the disallowed deduction is carried over to the next year. Only a business loss created by business expenses other than depreciation may offset W-2 income.
April 25, 2025
6:27 PM
Yes. If you correct both Lines 13d and 17f in the CA column of the adjustments page and add back the federal IDC to other income, these entries should adjust California AMT as well.
April 25, 2025
6:27 PM
Sounds like you are on the Advantage auto renew plan? This year they stopped sending the CD. It’s download only. If you are an Advantage subscriber sign onto your Advantage account to download h...
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Sounds like you are on the Advantage auto renew plan? This year they stopped sending the CD. It’s download only. If you are an Advantage subscriber sign onto your Advantage account to download https://accounts-tax.intuit.com/turbotaxadvantage
April 25, 2025
6:18 PM
Did you buy the Desktop program? Did you get the 16 digit License Code? How to install and Activate the Desktop Download program with a License Code How to install TurboTax CD/Download softwar...
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Did you buy the Desktop program? Did you get the 16 digit License Code? How to install and Activate the Desktop Download program with a License Code How to install TurboTax CD/Download software with license code
April 25, 2025
6:16 PM
Even though she claimed you last year did you also file your own return as a dependent? If you didn’t file a return for your income then your AGI is 0.
April 25, 2025
6:13 PM
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April 25, 2025
6:12 PM
Yeah I think that may be what it is.. the original return was filed joint and the amendment was filed as head of household.
April 25, 2025
6:09 PM
My mom claimed me last year but not this year what do I put as my AGI?
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April 25, 2025
6:01 PM
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April 25, 2025
5:59 PM
Yes! If you live together he can’t file Head of Household. You might need to amend the whole return. If you lived apart the last 6 Months of the year and he claims a child he might qualify for He...
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Yes! If you live together he can’t file Head of Household. You might need to amend the whole return. If you lived apart the last 6 Months of the year and he claims a child he might qualify for Head of Household but your income shouldn’t be on it. And you would need to file your own return as MFS or Head of Household if you also have a child. And he can’t claim you as a dependent. Oh what state are you in? There are several Community Property states that have special rules when you file Married filing Separate.
April 25, 2025
5:59 PM
If you can be claimed as a dependent there’s no affect on your return by saying that you are a dependent unless you are eligible to claim education credit. Otherwise you don’t have to do anything. Yo...
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If you can be claimed as a dependent there’s no affect on your return by saying that you are a dependent unless you are eligible to claim education credit. Otherwise you don’t have to do anything. Your parents are free not to claim you but if eligible to do so are missing out on a tax credit if otherwise eligible.
April 25, 2025
5:58 PM
April 25, 2025
5:55 PM
AND as a final note, when sending any paper returns to the IRS, always send those certified mail return receipt.
This is very inexpensive insurance as the taxpayer always has the initial burden of ...
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AND as a final note, when sending any paper returns to the IRS, always send those certified mail return receipt.
This is very inexpensive insurance as the taxpayer always has the initial burden of proof for mailing. The return receipt proves that the return has / had been received by the IRS.
April 25, 2025
5:51 PM
I switched my 401k contributions to ROTH 401k contributions starting on mid-2020, and I'll have to presume that's when my employer started making their contributions to the ROTH 401k as well. I neve...
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I switched my 401k contributions to ROTH 401k contributions starting on mid-2020, and I'll have to presume that's when my employer started making their contributions to the ROTH 401k as well. I never received a 1099-R from them over the 5 years before my rollover - and during the above described rollover to a ROTH IRA, I requested a 1099-R from Vanguard for the pre-taxable employer contributed amount, and they refused. That left me with no other option than to pull the employer contributed amount from the ROTH IRA, and deposit the funds into my regular IRA with the self-certification that this is where they should have been deposited in the rollover process since there was no other way to declare them as deferred-taxable retirement funds from my employer.
April 25, 2025
5:45 PM
Will adding IDC as other income in California tax return will also account for any AMT impact for California tax returns? Thanks.
April 25, 2025
5:40 PM
Are you asking about transferring 2023 into 2024 but you don’t have the 2023 file or can’t log into your 2023 account? Exactly what do you need to enter? Do you have any Capital Loss Carryover or...
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Are you asking about transferring 2023 into 2024 but you don’t have the 2023 file or can’t log into your 2023 account? Exactly what do you need to enter? Do you have any Capital Loss Carryover or other carryovers from 2023? We can tell you where to enter them.
April 25, 2025
5:35 PM
how do you enter it by hand? and i mean where do you enter it by hand. the turbo tax interview says it will ask later, but never does.
April 25, 2025
5:35 PM
A few comments:
Essentially unpaid shareholder loans would be converted to capital contribution.
Don't need to amend the final 1120-S.
As a shareholder in a pass-through entity, you should be...
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A few comments:
Essentially unpaid shareholder loans would be converted to capital contribution.
Don't need to amend the final 1120-S.
As a shareholder in a pass-through entity, you should be maintaining your tax basis in the S corporation.
Now that you have received the final K-1, you should enter the appropriate K-1 boxes into TT.
You should also update your tax basis schedule for all applicable K-1 items EXCEPT for any distributions on the final K-1.
Also update the tax basis schedule for any loans that have not been reflected as capital contributions.
When you come to the questions related to "disposing" of the entity you should answer "yes" and complete disposition.
TT will then ask for the cost basis (which is your updated tax basis) and the "selling price" will be any distributions detailed on the K-1 box 16 Code D.
This information will be transferred to form 8949 and Schedule D
You also need to complete form 7203
April 25, 2025
5:34 PM
I had a tax specialist do my taxes this year. I received an email that my return was rejected and now I can not get in contact with this tax specialist. They used TurboTax, but I can't figure out what...
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I had a tax specialist do my taxes this year. I received an email that my return was rejected and now I can not get in contact with this tax specialist. They used TurboTax, but I can't figure out what is wrong with my tax information.
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